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Discounted Cash Flow (DCF) Analysis Unlevered


Aptevo Therapeutics Inc.

Aptevo Therapeutics Inc. (APVO)

Healthcare

Operating Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 45.6333.609.9914.6623.0723.5023.9524.4024.8625.32
Revenue (%)
EBITDA -49.69-58.43-128.74-13.20-51.30-88.58-90.25-91.95-93.67-95.43
EBITDA (%)
EBIT -51.71-61.34-132.11-16.33-53.69-92.27-94.01-95.77-97.57-99.41
EBIT (%)
Depreciation 2.022.913.363.132.393.693.763.833.903.97
Depreciation (%)

Balance Sheet Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 3.594.6454.9281.1838.0860.6661.8062.9764.1565.36
Total Cash (%)
Account Receivables 13.826.460.312.145.224.224.304.384.464.55
Account Receivables (%)
Inventories 17.6320.320.461.031.795.575.675.785.896.00
Inventories (%)
Accounts Payable 11.4710.0810.527.3511.6712.2812.5112.7512.9813.23
Accounts Payable (%)
Capital Expenditure -0.99-1.53-2.51-1.40-0.98-2.15-2.19-2.23-2.27-2.31
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.66
Diluted Shares Outstanding 22.50
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.05
Risk-Free Rate
Market Risk Premium
Cost of Equity 25.68
Total Debt 19.28
Total Equity 14.85
Total Capital 34.13
Debt Weighting 56.49
Equity Weighting 43.51
Wacc

Build Up Free Cash

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 45.6333.609.9914.6623.0723.5023.9524.4024.8625.32
EBITDA -49.69-58.43-128.74-13.20-51.30-88.58-90.25-91.95-93.67-95.43
EBIT -51.71-61.34-132.11-16.33-53.69-92.27-94.01-95.77-97.57-99.41
Tax Rate 1.16%3.29%14.91%142.71%0.00%32.41%32.41%32.41%32.41%32.41%
EBIAT -51.11-59.32-112.416.97-53.69-62.36-63.54-64.73-65.95-67.19
Depreciation 2.022.913.363.132.393.693.763.833.903.97
Accounts Receivable -7.376.15-1.83-3.081.00-0.08-0.08-0.08-0.08
Inventories --2.7019.86-0.57-0.76-3.78-0.10-0.11-0.11-0.11
Accounts Payable --1.390.43-3.174.320.610.230.240.240.24
Capital Expenditure -0.540.99-1.11-0.431.170.040.040.040.04
UFCF -49.09-52.59-81.623.42-51.24-59.68-59.69-60.81-61.96-63.12
WACC
PV UFCF -59.68-52.36-46.79-41.82-37.37
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 14.00
Free cash flow (t + 1) -71.23
Terminal Value -712.32
Present Value of Terminal Value -369.95

Intrinsic Value

Enterprise Value -
Net Debt -18.81
Equity Value -
Shares Outstanding 22.50
Equity Value Per Share -